Ch 1 Lesson 2

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Across
  1. 7. A simple model of an economy that shows all the combinations of two goods that can be produced with the resources and technology currently available
  2. 8. Physical articles that have been produced for sale or use
Down
  1. 1. The resources used to produce goods and services
  2. 2. The willingness and ability to take the risks involved in starting and managing a business
  3. 3. A measure of the efficiency with which goods and services are produced, stated as a ratio of output per unit of input
  4. 4. Work done by someone else for which a consumer, business, or government is willing to pay
  5. 5. The tools, machines,and buildings used to produce goods and services
  6. 6. The value of the next best alternative that is given up when making a choice